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Reinstatement value?
Benjamin4
Posts: 17 Forumite
I own a leasehold flat in London SE14, and also own a 1/4 share of the freehold. Our buildings insurance is up for renewal and the quote seems excessive.
The sum insured is £582000. It's a Victorian semi, built approx 1880, standard brick construction with timber joists. There's a basement and three storeys divided into four flats (i.e. one per floor). Small communal area of hallway and stairs from ground to first floors. Footprint of the building is c.80m2 I think. No outbuildings. Nothing particularly special or different about the place, it's just like thousands of other buildings in the area!
When I bought the flat last year the reinstatement value on the home buyer's report was £87000 - which I guess only refers to our flat.
Does £582000 for the whole building sound right? It seems a lot!!
The sum insured is £582000. It's a Victorian semi, built approx 1880, standard brick construction with timber joists. There's a basement and three storeys divided into four flats (i.e. one per floor). Small communal area of hallway and stairs from ground to first floors. Footprint of the building is c.80m2 I think. No outbuildings. Nothing particularly special or different about the place, it's just like thousands of other buildings in the area!
When I bought the flat last year the reinstatement value on the home buyer's report was £87000 - which I guess only refers to our flat.
Does £582000 for the whole building sound right? It seems a lot!!
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